by Phil Hoover, Real Estate Broker

Boise Retail Growth Explodes!

Retail development follows residential growth and that’s precisely what’s happening in the Treasure Valley these days!

Boise is no longer a the well-kept secret it once was, having been named the 3rd best place in the country for business earlier this year.

Boise residents can now enjoy dinner at P.F. Chang’s, The Cheesecake Factory, or several other new locally-owned restaurants.

In recent months, Meridian has welcomed Kohl’s, Schucks Automotive Center, Sizzler restaurant, Carraba’s Italian Restaurant, the new Jaker’s restaurant, Joe’s Sporting Goods, and the new High Desert Harley-Davidson store.

Farther to the West, there’s a new Wal-Mart and Sam’s Club on Can-Ada Road just off I-84.

And, just a few miles farther west at Nampa’s new Karcher Road I-84 interchange, the all-new Treasure Valley Marketplace has opened with a new Costco, Target, Kohl’s, Old Navy, Petco, Lowe’s, Home Depot, Winco, and Best Buy stores.

Phase II of the Treasure Valley Marketplace will include a new Sportsman’s Warehouse, PetSmart, and the new Mercy Medical Center hospital.

The new Gateway Center, located at I-84 and Garrity Road, will be anchored by a J.C. Penney store.

Demographics play an important role in retail development ~ roughly one-third of Idaho’s 1.5 million residents live in the Treasure Valley.

Valley residents now enjoy shopping and dining rivaling that of Portland, Seattle, and Salt Lake City.

It is indeed fun to watch the Boise area grow up!

June 25th, 2007 Posted in Uncategorized | Print Print | No Comments »

Eagle Growth Could Require 17 New Schools

With as many as 20,000 more homes planned for the Eagle foothills, the Meridian School District is projecting a need for 10-17 new schools to serve those new residents.

Eagle’s 35-year plan, now under review by the Eagle Planning & Zoning Commission, envisions as many as 20,000 new homes on 49,000 acres lying north of downtown Eagle, and between Hwy 55 and Hwy 16.

The projected cost of the new schools ranges from $190.7 million to $317.8 million.

The cost of those schools would be born by taxpayers, if they approved the bonds necessary for construction of the schools.

Idaho school bonds require a two-thirds super majority in order to pass, and it is unknown how Meridian School District voters would react to increasing their property taxes to fund the new schools.

The estimated need for the new schools was derived by using a school district formula that includes census data, estimated students per household, and school capacity.

One possible solution to the problem of growth outrunning infrastructure would be for the City of Eagle to pass an ordinance requiring that adequate essential infrastructure be built before , or concurrent with, new development.

Sounds like a pretty good idea to me.

June 24th, 2007 Posted in Uncategorized | Print Print | No Comments »

Eagle To Get New Lifestyle Mall

The new Lakemoor development, located just north of the intersection of Eagle Road and Chinden Avenue, will include The Shops At Lakemoor , a new lifestyle mall that will be built by Memphis-based Poag & McEwen Lifestyle Centers.

The new project will offer an open-air, town center setting with an emphasis on quality architecture.

Lakemoor is being developed by Dennis Baker, who also developed Two Rivers and Island Woods.

The Shops At Lakemoor will be built on 25 acres of the 178.5-acre Lakemoor development.

Lakemoor will be upscale, with Baker planning to include a 4-star hotel, an office campus with 350,000 sq. ft. of professional office space, and high-end retail shops.

Parking will be abundant in the Shops At Lakemoor project, with 1,060 parking spaces planned to alleviate the inconvenient parking that is common in other local retail developments.

The upscale retail space is expected to be occupied by restaurants, fashion stores, home furnishing stores, and gift shops.

The Eagle City Council unanimously approved the development’s design review with only one neighbor raising objections during the hearing.

Wonder how long it will be before we have another stoplight on Eagle Road?

June 23rd, 2007 Posted in Uncategorized | Print Print | No Comments »

Eagle, Idaho Faces The Challenges of Growth

The Eagle, Idaho real estate scene is at the forefront of massive, life-changing growth.

Two governmental plans for growth in the foothills lying north of Eagle have been developed ~ one by Ada County; the other by the City of Eagle.

The plans project 12,000 to 20,000 more homes to be built in the area lying north of downtown Eagle, and between Highway 16 and Highway 55.

I have driven through that area and it is presently a bucolic foothills scene consisting of herds of sheep and the occasional horseback rider.

Such growth will alter the character of these lands to an extent that is nearly unimaginable.

Think of it this way ~ those rolling hills will have expensive homes on them and the roads serving those areas will have to include wide, sweeping parkways with landscaped medians, linked to 4-lane roads to get the new populace in and out of those now-undeveloped areas.

Hopefully, planners will be creative with their designs and think far enough ahead to incorporate zoning for office professional centers to house employers who will provide local jobs.

And, also include ample, carefully-considered local retail zoning to reduce car trips to existsing shopping facilities.

A preliminary analysis has already anticipated the following road improvements in the area:

  • Widening Linder Road to 5 lanes.
  • Widening Highway 55 south of Beacon Light Road to 6 lanes.
  • Widening Hiwghway 44 (State Street) east of Ballantyne Road to 4 or 5 lanes.
  • Widening Hwy 16 to 4 lanes.
  • Widening Beacon Light Road, east of Linder Road, to 4 or 5 lanes.

I live in Brookwood, near the intersection of Eagle Road and Floating Feather, and already have difficulty navigating Eagle Road between Floating Feather Road and downtown Eagle at certain times of the day.  I sometimes sit through several light changes just to travel one mile on that outdated two-lane stretch of road.

I wonder what could happen to that stretch of Eagle Road ~ would it get widened?  If so, what would happen to the homes on that road, the existing elementary school, downtown Eagle, etc.? 

It is interesting to remember that our land here was farm land not too long ago, and it was originally laid out in sections.  A section of land is one mile square, containing 640 acres.  Thus, our major arterial roads were built on those section lines, meaning that our major roads are usually on one-mile grids.

That makes for a logical, easily-understood North-South and East-West road system, but our local highway agency (Ada County Highway District) hasn’t been able to keep up with our recent spurt of growth and lacks the funding to make badly-needed improvements. 

At present, we don’t even have turn lanes to facilitate right turns onto most of our major arterials.

One thing is certain ~ Eagle has been discovered as a terrific place to live.

When I arrived here in 2000, Eagle’s population was around 9,000; today, it is over 20,000.

If another 20,000 homes are built here in the next decade or two, we could quadruple our population to 80,000 people.

A recent study by COMPASS (Community Planning Association of Southwest Idaho) projected the following impacts on road traffic:

  • Highway 55 north of Floating Feather ~ 11,174 car trips/day now vs. 74,200 projected for 2030.
  • Highway 16 at Highway 44 ~ 9,100 car trips/day now vs. 55,900 projected for 2030.
  • Eagle Road at the Boise River Bridge ~ 39,155 car trips/day now vs. 50,000 projected for 2030.

By now, you are probably wondering if you just found your first “no growth” Realtor®, aren’t you?

Well, if there’s one thing I have learned from my 35 years of real estate experience, it is that it’s pointless to try and stop people from moving to a desirable area.

They’re gonna come, regardless of the obstacles the no-growthers create.

Eagle is going to grow and it up to all of us who are already here to make sure that we manage our impending growth and PLAN for it!

June 10th, 2007 Posted in Uncategorized | Print Print | No Comments »

Boise Area Rental Market Tightens

Boise, Idaho real estate values have soared in the past few years, causing many potential buyers to rent instead of buying.

Property managers are reporting  that the scarcity of available rental properties is also due to an influx of new residents who sometimes choose to rent while deciding where to buy.

According to some industry experts, the Boise area absorbed 22,000 new residents last year, many of whom elected to rent.

A recent article in The Idaho Statesman revealed that the overall vacancy rate for single-family rental homes has dropped to a shockingly low 2.4%.

This is in stark contrast to a 12.8% vacancy factor a year earlier.

The obvious outcome of this tightening rental market is rising rents.

June 9th, 2007 Posted in Uncategorized | Print Print | No Comments »
Page 101 of 126« First...99100101102103...Last »